VeriTrace: A Web3 Based Fake Product Identification System Using Blockchain

Abstract

The proliferation of counterfeit items in the worldwide market has emerged as a pressing concern for consumers, manufacturers, and regulatory agencies alike. Counterfeiting not only results in monetary damages for enterprises but also presents significant hazards to customer well-being and brand standing. Conventional techniques for identifying and verifying products are frequently inadequate in detecting and stopping counterfeit goods, necessitating the development of novel solutions. Blockchain technology has emerged as a viable method for tackling the problem of counterfeit product identification. Blockchain is a decentralised and secure ledger that enables the recording and verification of transactions in a distributed, visible, and unchangeable manner. By utilising the distinct characteristics of blockchain, such as its transparency, consensus mechanism, and cryptographic hashing, it is feasible to establish a resilient system for product identification that may efficiently address the issue of counterfeiting.